By Anuradha Kher, Online News EditorNew York–Meridian Capital Group has arranged $65 million in a first mortgage loan for the refinance of Knickerbocker Plaza (pictured) located at Second Avenue & East 90th St. in New York City. The 578-unit building is in the process of opting out of the Mitchell-Lama Program. Developed and built in 1975 by The DeMatteis Organizations, the property includes parking, retail, and office space, including a bank, and a pharmacy. Meridian’s negotiated a five-year loan term with a local lender, enabling the borrower to benefit from a favorably low interest rate and a very appealing extension…

By Adam Perrotta, News Writer, CPNDallas–Trammell Crow, founder of the commercial real estate firm that bears his name, has died at 94. Crow, who started the company in 1948, saw it grow to a major investor and developer with more than 500 million square feet and $50 billion in assets under its belt. Crow, who passed away at his family’ farm in East Texas on Jan. 14., went from owning a single Dallas warehouse to becoming a driving force behind major developments in cities such as Dallas, Atlanta and San Francisco. In addition, he founded Wyndham Hotel Co., which was…

By Anuradha Kher, Online News EditorSan Antonio–Fogelman Management has hired Donna Schmidt (pictured), CMP, as regional vice president of the new Texas region and will be based out of the company’s San Antonio office. In this position, Schmidt will be overseeing all facets of properties operations for FMG managed properties within the region, including properties in Texas, Colorado and Arkansas.Schmidt is the current President-elect of the San Antonio Apartment Association. She has more than 17 years of experience in multifamily property operations, most recently working for Lincoln Property Company for the past eight years.Merry Morgan Promoted to Group Coordinator of…

By Anuradha Ker, Online Editor Washington, D.C.–The House Democrats this week released an expansive economic recovery plan that calls for $550 billion in spending and aid to states and $275 billion in tax cuts.As a part of this plan, they also released a draft Economic Recovery bill that includes a $2.5 billion investment to repair and green U.S. Department of Housing and Development (HUD) assisted affordable multifamily housing. If approved, this investment will create immediate jobs, improve housing conditions for many low-income families and seniors, and save taxpayer dollars in the long run. Energy costs are consuming an increasing proportion…

By Erika Schnitzer, Associate EditorNew Orleans—Central City Partners, a team comprised of St. Louis-based McCormack Baron Salazar, KAI Design & Build, the New Orleans Neighborhood Development Collaborative (NONDC), and Urban Strategies, have broken ground on its $172 million, 555,000-sq.-ft. C.J. Peete, a HOPE VI Housing Redevelopment project in New Orleans. At build out, which is slated for early 2011, the site will include 460 affordable and market-rate apartments.“In the post-Katrina environment in New Orleans, there exists a critical need for new housing that accommodates families at different income levels,” says Vince Bennett, executive vice president of McCormack Baron Salazar.  “The…

 By Anuradha Kher, Online News EditorCleveland and Painesville, Ohio–KeyBank Real Estate Capital recently closed $25.1 million in Freddie Mac loans for two multifamily properties near Cleveland. KeyBank provided an $18 million Freddie Mac conventional loan to refinance The Islander Apartments, an 18-building, 984-unit garden apartment complex in Middleburg Heights. KeyBank also provided a $7.1 million Freddie Mac early rate-lock loan to Cobblestone Court Apartments I LLC for the third construction phase of Cobblestone Court Apartments (pictured), a 120-unit luxury apartment home complex in Painesville, Ohio.NorthMarq Capital Arranged $15.215M Mortgage for 190-Unit Rental CommunityCouncil Bluffs, Iowa–NorthMarq Capital LLC’s Omaha Regional office…

By Anuradha Kher, Online News EditorLas Vegas–The Las Vegas apartment market will stay in flux during 2009 due to lingering economic stresses, but signs of a recovery are starting to appear, according to the 2009 National Apartment Report by Marcus & Millichap.”We are seeing some of the fundamentals that lead us to believe that there will rent  increases in 2010,” Michael Shaffner, associate vice president of investment at Marcus & Millichap, tells MHN. “Because there isn’t much construction going on now or through 2009, property managers and owners will start shedding off some of the concessions they have been offering…

By Anuradha Kher, Online News EditorMinneapolis–The Opus Group is eliminating approximately 200 positions nationwide as a result of deteriorating market and economic conditions in the commercial real estate development industry. The workforce reductions are occurring in all five of Opus’ independent operating companies. Some geographical locations, like Florida, are affected more than others.Opus is among many other real estate companies undergoing workforce changes. Recently, Atlanta-based Lane Company Chairman and company founder George Lane replaced CEO Bill Donges who is stepping down in an effort to downsize. Click here to read the full story.Spokesperson for Opus, Winston Hewett, tells MHN, “Anytime…

Bozzuto Development Co. recently promoted Toby Bozzuto (pictured) to president. Previously, he served as executive vice president.   Bozzuto joined the company in 2001 and in 2007 was named a partner of The Bozzuto Group of companies. He was previously a financial analyst with J.P. Morgan Chase’s Real Estate Debt Group, and was also with Columbia National Real Estate Finance. He talks to MHN Online News Editor Anuradha Kher about taking on this new role, his plans for the company and why he thinks the down time in the economy can strengthen the company.MHN: Did you replace Thomas Baum, the previous…

By Erika Schnitzer, Associate EditorBronx, NY—The Women’s Housing and Economic Development Corporation (WHEDCo), a Bronx-based non-profit organization that builds affordable homes, hosted an open house event yesterday to celebrate the completion of its $39 million, 128-unit Intervale Green, the largest affordable Energy Star-certified high-rise building in the nation. With the project complete, residents will begin moving in within the next two weeks.“Trying to pull together the best in aesthetics and energy efficiency and affordability is really a challenge, but we want to show that it can be done—and it can be done even on the worst of sites,” Nancy Biberman,…